On Thursday, it was the Houston Natural Resources Corp (OTCMKTS:HNRC) stock which had emerged as one of the notable gainers as it ended the day with gains of as much as 12%.
On Thursday, HNRC stock gained 11.95% to $0.46 with more than 71k shares traded, compared to its average volume of 17K shares. The stock moved within a range of $0.3600 – 0.4590 after opening trading at $0.40.
HNRC Sponsored SPAC Closes $86.25 Million IPO on NYSE
In light of such significant gains, it may be a good idea for investors to take a look into the company a bit more closely and particularly at the development from yesterday. It was announced yesterday that the subsidiary unit Houston Natural Resources Inc, which had sponsored a Special Purpose Acquisition Corp named HNR Acquisition Corp through HNRAC Sponsors LLC, had finally completed the initial public offering of the same on the New York Stock Exchange.
It was a significant milestone for Houston Natural Resources Corp and hence, it was perhaps not a surprise that the stock managed to attract significant attention from investors. It is now going to be interesting to see if the stock can end the week strongly and add to its gains today.
At the IPO, the company managed to raise as much as $8,6250,000 in total proceeds. The HNR Acquisition Corp is expected to be the first of many such IPOs that the company is expected to sponsor through its subsidiaries.
Houston Natural Resources Corp (OTC: HNRC). The Company is dedicated to increasing shareholder value through developing natural resources with state-of-the-art innovative technologies in tandem with sustainable environmental services of toxic oil field waste disposal and recycling that are environmentally safe and socially responsible.